Choosing the Right Franchise for Your Personality
There are hundreds of franchise opportunities in the United States and it can be difficult to find the right one for your personal needs. While many people consider factors such as finances, franchise rules and locations, they often fail to evaluate whether a specific franchise will suit their personality. In order to manage a successful business that gives you professional satisfaction, it needs to complement your individual characteristics.
Becoming aware of the requirements of a certain franchise opportunity and your personality type can help you match up to the business that you are better equipped for. If you are honest with yourself it will become obvious that there are some businesses that do not mesh with the way you like to work and what you want as far as work environment is concerned. If you would like to open a franchise, but are unsure about the kind that will work for you, then it may be helpful to use your personality as a guide.
Putting It Down on Paper
One method that can help you determine your ideal franchise is making an honest list of your personality traits. You can make an initial list on your own and later ask for the input of others that know you well to make adjustments to the list. You should also jot down your personal interests and expectations regarding your future experience as a franchisee. Some of the questions you might ask yourself include:
- Am I an extrovert or an introvert?
- Do I enjoy work that requires attention to detail?
- Am I more of a hands-off or hands-on person when it comes to management?
- Do I want to interact with many people or focus on other aspects of a business?
- What type of schedule best suits my lifestyle?
- Is the franchise brand something I want to promote?
- Do my skills match up with the requirements of the franchise?
If you are still unsure of the right franchise to choose after your self- assessment then you also have the option of using a personality test. There is a variety of personality tests that can be found online or in books. Two prominent evaluation methods are the Myers-Briggs Type Indicator (MBTI) and the Keirsey Temperament Sorter (KTS). There are many websites that provide the MBTI test online, which is based around a series of questions that inform you of your standing in these four categories:
The KTS assessment also uses four categories and sorts people into one of the four temperament groups, which include four subgroups each. This test can be taken online as well and the categories are made up of:
There are many things that should undergo careful consideration before purchasing a franchise and personality is definitely one of them. Buying a franchise can be similar to finding a job that matches up to your specific skill set and desires. The ideal owner of a convenience store franchise will probably differ in many ways from a restaurant or cleaning franchise. Careful consideration and evaluation of your personality and lifestyle can help you determine the franchise that will give you the greatest likelihood of success.
Author Bio: Thomas Hickman is an internet marketing director for 7-Eleven franchising opportunities. He enjoys playing with his Doberman and Chihuahua, Sonny and Spike, and connecting with nature through his outdoor endeavors.
Home Helpers Earns Endorsed National Provider and Provider of Choice Honors
Home Helpers, the leading brand in in-home care, has been named an Endorsed National Provider and a Home Care Provider of Choice by Home Care Pulse. Home Care Pulse is the industry’s leading firm in satisfaction research and quality assurance, serving hundreds of home care businesses across North America.
Before Buying a Franchise Identify Your TRUE Investment
Your approach as a potential franchise buyer is to identify the real investment dollars you’ll need to get the franchise to profitability. The initial source of this information is Item 7 in the FDD. Item 7 is a schedule that details the estimated investment in the franchise. This schedule includes the cost of various items, including: the initial franchise fee, training related expenses, rent, insurance, professional fees for legal and accounting services, supplies, equipment, licenses and permits and additional working capital. Depending upon the specific franchise, there may be added categories. When reviewing the Item 7 schedule it’s important to know that franchisors are not required to list every type of fee or expense that might be part of the investment in the franchise but rather the likely investment needed to start the franchise. As you work to establish your investment number keep in mind the words “estimated” and “typical.” Item 7 is a guide, and as such, you should use this information accordingly.
A Checklist for Franchising your Business
We thought it might be useful to break the process down into a to-do list for the prospective franchisor. This isn't meant to be an all-inclusive guide by any means, but the list below should give you a solid idea of what lies ahead.